Service Net Warranty LLC, a Jeffersonville, Ind.-based portfolio company of H.I.G. Capital, has agreed to acquire the assets of Equiguard Inc., a Westmont, Ill.-based provider of warranty programs to the heating, ventilation and air-conditioning markets. No financial terms were disclosed for the deal, which is expected to close by tomorrow.
Service Net Warranty, LLC, a leading administrator of service warranty programs based in Jeffersonville, Ind., announced today that it has entered into a court approved agreement to acquire the assets of Equiguard, Inc. The acquisition is expected to close on December 31, 2009. Equiguard is a leader in providing extended warranty programs to the Heating, Ventilation and Air-conditioning industry.
Equiguard, based in Westmont, Ill., was co-founded by Craig Funke in 1989 and has grown to be the premier provider of extended warranty plans for OEMs, distributors and dealers in the HVAC industry. Craig Funke, President and CEO of Equiguard states, “As a Service Net Company, Equiguard will be strategically positioned to offer a greater level of service to existing and new clients. Additionally, the new business platform and expanded service levels will enable our clients to continue to focus on their core business and can leverage Equiguard to provide an array of value added service products and programs.”
Kevin Callahan, CEO of Service Net commented, “We are very excited about the acquisition of Equiguard as it allows us to leverage our existing infrastructure and enter an industry that has significant growth potential. The Equiguard Management Team has a strong marketing and sales presence and is well positioned in the HVAC industry. The combination of Equiguard’s strong industry presence and Service Net’s core operating platform will position us as the premiere leader in the HVAC services industry.”
Service Net Warranty, LLC
Service Net Warranty, LLC, based in Jeffersonville, Ind., and owned by H.I.G. Capital, was founded in 1996 by Lansdon Robbins and other former executives from General Electric’s consumer service and appliance divisions. Service Net offers its clients a comprehensive suite of service and extended warranty programs for a variety of consumer products, primarily focusing on major appliances, consumer electronics, personal computers and heating and ventilation equipment. The Company uniquely focuses on a blue chip base of OEMs and retailers who utilize extended warranty and value added service programs as a means to build consumer and brand loyalty.
H.I.G. Capital L.L.C. (“H.I.G.”) is a leading global private equity investment firm with more than $4 billion of equity capital under management. Based in Miami, and with offices in Atlanta, Boston, and San Francisco in the U.S., as well as London, Paris and Hamburg in Europe, H.I.G. specializes in providing capital to small and medium-sized companies with attractive growth potential. H.I.G. invests in management-led buyouts and recapitalizations of profitable and well managed manufacturing or service businesses. H.I.G. also has extensive experience with financial restructurings and operational turnarounds. Since its founding, H.I.G. has completed more than 75 transactions. The firm currently manages a portfolio of more than 50 companies with combined revenues in excess of $7 billion. For more information, please refer to the H.I.G. website at www.higcapital.com.